The phablet runs a Qualcomm Snapdragon 801 quad-core 2.5GHz processor and 3,000mAh high-capacity battery. It also comes with support for micro- and nano-SIM cards.

Available in black or white, the 16GB model will cost 2,299 yuan ($372), while the 64GB version will sell for 2,799 yuan ($453). A 64GB Pro version will come in champagne gold with 4GB of RAM for 3,299 yuan ($534).

Xiaomi captured a record 5 percent market share in the second quarter of 2014, taking its place as the fifth largest smartphone vendor in the world. The Chinese mobile maker came in behind Samsung, Apple, Huawei, and Lenovo, beating LG Electronics.

Xiaomi made headlines in the U.S. when Hugo Barra, previously vice president of product management for Android at Google, joined Xiaomi as vice president of Xiaomi Global in 2013, and was tasked with expanding the manufacturer's product portfolio and global business.

Not everything has gone swimmingly for Xiaomi, though. Last month, the Chinese smartphone maker was forced to temporarily suspend device sales in India amidst a patent case with equipment maker Ericsson.

Stephanie began as a PCMag reporter in May 2012. She moved to New York City from Frederick, Md., where she worked for four years as a multimedia reporter at the second-largest daily newspaper in Maryland. She interned at Baltimore magazine and graduated from Indiana University of Pennsylvania (in the town of Indiana, in the state of Pennsylvania) with a degree in journalism and mass communications.
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